Select sugar stocks like Balrampur Chini, Dwarikesh Sugar and Renuka had jumped up to 6-fold post the Covid-19 decline; However, off late the stocks have corrected sharply post export limitations.
In a choppy market, knowing entry and exit points may turn fortunes in your favour. They are crucial for a successful trade. Here are a few trading strategies to identify entry and exit points
Given the current market volatility, auto stocks seem to be a better bet for long side trades. Select stocks like M&M and TVS Motor can rally up to another 12 per cent.
According to the current chart structures, shares of OMCs needs to hold their relevant support levels to stay afloat.
Charts of steel stocks signal further downside, indicating a fall up to 20 per cent in select shares; cement counters indicate a wait-and-watch approach
Crisil, Hindustan Aeronautics, MRPL, ITC, and Welspun Corp have logged smart gains despite the broader market weakness.
Though ITC is 40 points short from its all-time high of Rs 315.25-mark, the present scenario on the daily and weekly charts point to a strong up move
Jet Airways has crossed the 200-weekly moving average (WMA) for the first time since mid-2018, a period of almost 4 years, which indicates an underneath positive bias
The Nifty Auto index is slowly inching towards 200-DMA; above which the index can gain up to 4 per cent.
Watch out for these key levels on SBI and Bank of Baroda, while Tech Mahindra and DMart can be avoided for now.
Adani Enterprises can rally up to 14 per cent; whereas ACC, and Ambuja Cements can gain another 10 per cent each, indicate charts
Select mid-cap IT stocks may surge up to 10 per cent on short-term rebound
Among the losing pack, Solara Active Pharma Sciences has slumped 75 per cent, while Aarti Drugs, MCX India and Tata Communications are other major laggards
The stock has declined more than 50 per cent from its 52-week high touched in December 2021; Charts indicate the best way to approach the stock is to stay on the sidelines for now.
The outlook for Natural gas stocks looks good. However, these stocks need to cross and sustain above the key levels for renewed buying interest.
The metal index on the NSE has tumbled 14 per cent so far from its historic peak and continues to drift lower
Market participants should avoid bottom fishing at the these counters and wait for a fresh trend to emerge.
At the current levels, the stock trades 10 per lower from its historic peak of Rs 2,858.15 hit on April 29, 2022
Tech Mahindra and Wipro have tumbled over 30 per cent, while Apollo Hospitals Enterprise and Dr. Reddy's Laboratories have plummeted 22 per cent so far in calendar year 2022 (CY22)
Real estate and automobiles, which were showing signs of a nascent recovery, will bear the brunt of higher interest rates